Unexpected Luxury Markets to Watch

Key Highlights

• More remote cities with high quality of life becoming under-the-radar lux markets
• Buyers want livability

People’s Demands Shifted Due to Pandemic

One of the more significant real estate trends due to the COVID pandemic has been a movement towards more remote places that offer high-end livability.

Buyers not only want value, they want to enjoy their lives.

Here is a more in-depth look at under-the-market lux enclaves as suggested by the Wall Street Journal/realtor.com Emerging Housing Markets Index we summarized here two weeks ago.

Reno, Nevada

Placing third after Provo-Orem UT and Coeur d’Alene ID in the first edition of the Emerging Housing Markets Index’s luxury section, Reno has been welcoming tech giants Tesla, Google and Apple (and their employees) in the last couple of years.

Prices across the Reno market soared +19.7% y/y in March.  Properties average 48 days on the market.

Reno offers spectacular beauty year-round with easy access to all snow sports and activities during the winter and a 45-minute drive to Lake Tahoe, mountain biking and hiking/running and, of course, golf, tennis and fishing during the summer.

Hilton Head Island – Bluffton – Beaufort SC

The Hilton Head metro area ranked 7^thon the list of 60 under-the-radar luxury markets in the Emerging Housing Markets Index.

Known for its beaches and golf, the Hilton Head metro area has seen its median listing price across all market segments increase +8.9% y/y. For-sale homes spent an average of 62 days on the market in March.

Prescott AZ

Coming in at 11^th on the Emerging Housing Markets Index luxury section, Prescott borders the 1.25 million-acre Prescott National Forest.

With outdoor activities galore amidst stunning red rocks in desert terrain and just 100 miles north of Phoenix, properties in Prescott sell for full asking prices. Prices across all market sectors increased only +1/4% y/y in March 2021.

Prescott still remains a relative secret, for now anyway.

Port St. Lucie FL

Right in between Orlando to the north and Miami to the south, the Port St. Lucie enclave ranked 18^thon the Emerging Housing Markets Index.

Port St. Lucie is less well known than many of its big-name coastal neighbors and its prices reflect the enclave’s modest reputation.  Four bedroom waterfront estates sell between $1.5M – $2.5M.

Oxnard-Thousand Oaks-Ventura CA

With a ranking of 19^thout of 20 within the luxury section of the Emerging Housing Markets Index,this metro area is just 15 minutes from Malibu and 45 minutes from Beverly Hill.

Oxnard ranked the highest within this metro area due to its local amenities strength.

Homes within the Oxnard-Thousand Oaks-Ventura metro area are selling for their asking prices.

Thanks to MansionGlobal, realtor.com and The Wall Street Journal.

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